The Global Environment Facility (GEF) Council has approved a $916-million spending package on efforts to tackle biodiversity loss, nature degradation, climate change, and pollution, as its meeting in Washington is now set to open discussions on the governance of the Global Biodiversity Framework Fund.
The approved pledges – the second largest allocation in GEF history – will finance 45 projects across 77 countries, generating an estimated $7.5 billion in co-financing, the GEF governing body said in a statement.
According to the work programme, biodiversity-related projects account for $420.7 mln out of the $916 mln total spending.
“To achieve impact that lasts, we need to work in an integrated and inclusive way,” said Carlos Manuel Rodriguez, GEF CEO and chairperson. “The GEF is moving quickly and efficiently to target donor contributions to urgent needs.”
“Financing alone cannot reverse environmental degradation for the long term,” he added. “This work programme stands out not only for its size but also for its focus on a whole-of-society approach to phasing out harmful practices.”
Over half the total amount, $530 mln, will go towards four new programmes – Clean and Healthy Ocean, Food Systems, Greening Transportation Infrastructure Development, and Wildlife Conservation for Development.
The Amazon, Congo, and Critical Forest Biomes programme, approved in 2022, will also be expanded, with Guinea-Bissau and Togo hosting new projects and Guyana joining the Amazon basin landscape conservation efforts.
Most of the approved funds will be delivered as grants, contributing to biodiversity conservation and restoration in Latin America, Africa, Asia, and the Middle East.
FOCUS ON THE AMAZON
One of the projects financed by the GEF aims to enhance ecological connectivity in the Colombian Andean and Amazonian corridor. The project, implemented by the UN Development Programme (UNDP), will receive $13.7 mln in funding.
As well, $5 mln will support the UN Food and Agriculture Organisation (FAO) project to restore wetland and lowland forest ecosystems in the Brazilian Amazon.
Other projects that will be co-financed by GEF funds include:
- Inclusive conservation, restoration, and sustainable use of biodiversity in Argentina
- Restoration and preservation of key biodiversity areas and ecosystems in Iraq
- Improvement of wetlands management in Timor-Leste
- Conservation of critical ecosystem services in Sri Lanka
- Rehabilitation of degraded lands in the Khangai mountain landscapes of Mongolia
- Restoration and management of degraded Aleppo pine forest ecosystems in Tunisia
The GEF also approved $81 mln for four blended finance projects.
“This includes innovative initiatives related to biodiversity, climate change mitigation, land restoration, and chemicals and waste, and a particular focus on innovative capital market solutions and small- and medium-sized enterprises,” the GEF said.
Notably, over $40 mln will go towards establishing a regional facility to support biodiversity conservation and restoration in Latin America and the Caribbean.
As well, the Living Amazon blended finance mechanism will receive $6.2 mln to foster conservation activities in the value chain of Natura, a Brazilian cosmetics firm, through a capital markets product.
After approving the funding package, the GEF Council will now mainly focus on shaping the governance of the newly established Global Biodiversity Framework Fund.
The ongoing GEF Council meeting in Washington, DC marks the first ever Council gathering for the fund, launched at last year’s GEF Assembly to scale investments in biodiversity and underpin the Kunming-Montreal Global Biodiversity Framework implementation. The GBFF Council meeting will take place on Feb. 9.
By Sergio Colombo – sergio@carbon-pulse.com
** Click here to sign up to our twice-weekly biodiversity newsletter **
